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WisdomTree files with the SEC
October 8, 2010--WisdomTree has filed a post effective amendment, registration statement with the SEC for
WisdomTree Dreyfus Brazilian Real Fund (BZF)
WisdomTree Dreyfus Chinese Yuan Fund (CYB)
WisdomTree Dreyfus Emerging Currency Fund (CEW)
WisdomTree Dreyfus Euro Fund (EU)
WisdomTree Dreyfus Indian Rupee Fund (ICN)
WisdomTree Dreyfus Japanese Yen Fund (JYF)
WisdomTree Dreyfus New Zealand Dollar Fund (BNZ)
WisdomTree Dreyfus South African Rand Fund (SZR)
view filing
Source: SEC.gov
Dow Jones Indexes Launches MENA Broad Stock Market and Saudi Titans 30 Indexes
October 7, 2010--Dow Jones Indexes, a leading global index provider, today announced the launch of the Dow Jones MENA Broad Stock Market and Dow Jones Saudi Titans 30 Indexes. The Dow Jones MENA Broad Stock Market Index measures the stock performance of actively traded large-caps and mid-caps equity securities trading in the Middle East and North Africa (MENA) region. The Dow Jones Saudi Titans 30 Index measures 30 of the largest and most liquid equity securities trading on the Saudi Stock Exchange. Both indexes are intended to serve as a basis for financial products.
“Our Dow Jones MENA Broad Stock Market Index is an ideal benchmark for gaining perspective on the stock markets in the Middle East and North Africa region,” said Michael A. Petronella, president, Dow Jones Indexes. “Additionally, the Dow Jones Saudi Titans 30 Index offers investors a unique view of the largest and most liquid stocks trading on the Saudi Stock Exchange,” added Petronella.
The Dow Jones MENA Broad Stock Market Index currently covers Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and the United Arab Emirates. The Index is weighted based on float-adjusted market capitalization and is reviewed on a quarterly basis.
The Dow Jones Saudi Titans 30 Index is weighted by float-adjusted market capitalization. Each component’s weight is capped at 15% of the index’s total float-adjusted market capitalization. Weights are reviewed quarterly.
The Dow Jones MENA Broad Stock Market Index is calculated in U.S. dollars, calculation of the index began on September 27, 2010. Real index history is available daily from this date forward. Back-tested historical data have been calculated daily back to December 30, 2005.1
The Dow Jones Saudi Titans 30 Index is calculated in U.S. dollars, calculation of began on February 19, 2010. Real index history is available daily from this date forward. Back-tested historical data have been calculated daily back to December 31, 2006.1
As of September 30, 2010, the Dow Jones MENA Broad Stock Market Index had a year-to-date performance of 8.44% and the Dow Jones Saudi Titans 30 Index had a year-to-date performance of 6.47%.
For more information on the Dow Jones Indexes, please visit http://www.djindexes.com.
Source: Dow Jones Indexes
BlackRock says gold has room to grow, broadens ETF
October 7, 2010--Even after hitting a series of highs this week, gold prices have room to rise, a BlackRock Inc (BLK.N) executive who oversees the money manager's iShares gold exchange-traded fund said on Wednesday.
"If you look at it on a real-dollar basis gold is still not trading anywhere near its January 1980 high, which would, in inflation adjusted dollars, be about $2,200 an ounce," said Kevin Feldman, iShares Managing Director at BlackRock.
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Source: International Business Times
Market Vectors® Russia ETF Reaches $2 Billion in Assets
October 7, 2010--Market Vectors Russia ETF (NYSE Arca: RSX), distributed by Van Eck Global, has reached $2 billion in assets as of October 5, 2010, the company announced today. RSX was the first ETF listed in the U.S. designed to give U.S. investors exposure to a broad spectrum of Russian companies.
RSX seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the DAXglobal® Russia+ Index (DXRPUS), a basket of the securities of 43* of the most heavily traded Russian companies that have listings on global exchanges, either through an American Depository Receipt (ADR), a Global Depository Receipt (GDR), or local Russian shares.
“As Russia grows and matures, it will likely assume an increasingly important role in the global economy, and exposure to the country’s markets will be of growing interest to U.S. investors” said Jan van Eck, Principal at Van Eck Global. “We are pleased that RSX has continued to attract interest from investors looking for a convenient means to access the Russian market.”
Source: Van Eck Global
TD Ameritrade lets customers trade some ETFs for free
October 7, 2010--TD Ameritrade starting Friday will allow customers to buy and sell more than 100 exchange traded funds with no commission, escalating the intense price war among online brokerage firms.
Exchange traded funds, or ETFs, are increasingly popular investments that allow investors to buy a basket of securities just as they'd buy a single stock.
The 101 ETFs that qualify for no-commission trades were selected as the best in their categories by independent investment research firm Morningstar. ETFs from a variety of providers are included, ranging from BlackRock's iShares, Vanguard and State Street. ETFs on the list are expected to stay on it over time, says TD Ameritrade's Peter Sidebottom.
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Source: USA Today
BNY Mellon ADR Index Monthly Performance Review is Now Available
October 7, 2010--The BNY Mellon ADR Index Monthly Performance Review is Now Available.
view report
Source: BNY Mellon
Van Eck files with the SEC
October 7, 2010--Van Eck has filed a Fourth Amended and Restated Application for exemptive relief with the SEC for actively-manged ETFs.
view filing
Source: SEC.gov
Statement on the Joint CFTC/SEC Staff Report on the May 6 Flash Crash
“Crash Cart”-Statement of Commissioner Bart Chilton of the Commodity Futures Trading Commission
On the Joint CFTC/SEC Staff Report on the May 6 Flash Crash
October 7, 2010--This report details what went wrong on May 6 and, as many have guessed, there was no one culprit. The markets were skittish all day in large part due to the worsening economic news coming out of Europe. Volume and volatility were very high. By mid-afternoon, liquidity was drying up and sellers were having difficulty finding buyers. Then, when one institutional firm utilized an algorithmic trading program to sell 75,000 contracts valued at over $4 billion, the markets went into shock.
When that happened in one market, arbitragers moved to other venues and within minutes there was widespread disruption. The interrelatedness of markets exacerbated the problem and was a major lesson of May 6.
Now that we know what happened, we need to find ways to assure investors that it won’t happen again. Circuit breakers, limit-up and limit-down mechanisms and other “time-outs” need to be looked at so the markets can get back on track when things start to get out of hand. Liquidity restoration procedures need to be considered, too.
A handful of unhealthy things drove the markets into cardiac arrest that day. The structural changes we’ll make as a result of Dodd Frank will greatly help restore that health. At best, we need healthy regulation to keep that from happening again and, at worst, a defibrillator to get them started again when things start to go bad.
Source: CFTC.gov
Commodity Futures Trading Commission’s Technology Advisory Committee to Meet October 12, 2010
Committee to continue discussion of high frequency and algorithmic trading practices and the role of technology in pre- and post-trade transparency in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and in the Flash Crash.
October 7, 2010----The second meeting of the CFTC’s Technology Advisory Committee (TAC), titled “Technology: Achieving the Statutory Goals and Regulatory Objectives of the Dodd-Frank Act,” will be held on October 12, 2010 at 1:00 p.m., at the CFTC’s Washington, DC headquarters’ Hearing Room.
The TAC will continue its discussion of computerized trade strategies and their role in the events of May 6, 2010 as they inform and guide regulatory reforms under Dodd-Frank. Andrei Kirilenko, a Senior Financial Economist in the CFTC’s Office of the Chief Economist, will summarize the May 6, 2010 joint CFTC and SEC staff report on which he worked and present his joint paper, The Flash Crash: The Impact of High Frequency Trading on an Electronic Market.
As the Commission focuses on new manipulation and antidisruptive trading practices in the Dodd-Frank rulemakings, the events of May 6, 2010 are equally informative as to the role of technology in the futures and swaps markets.
“While I do not believe that the Flash Crash was the direct result of reckless misconduct in the futures market, I question what the CFTC could have done if the opposite were true. When does high frequency or algorithmic trading cross the line into being disruptive to our markets? And, along those same lines, who is responsible when technology goes awry? Do we treat rogue algorithms like rogue traders? These are the issues I hope to explore at our October 12th meeting,” stated Commissioner O’Malia.
Additional panels will focus on the role technology plays in pre- and post-trade transparency and how swap execution facilities (SEFs) and swap data repositories (SDRs) achieve these objectives. Commission staff will present on current rulemakings and the technological implications for interim data collection. Panelists will highlight the technological hurdles and their impact on trading behavior.
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Source: CFTC.gov
Goldman Says Blackrock Is No Buy
October 5, 2010--This morning, Goldman Sachs downgraded shares of Blackrock from buy to neutral citing valuation. The firm noted that the stock has approached the firm's price target of $180 per share.
Shares of Blackrock were down 0.47% in early afternoon trading.
Barclays downgraded shares of Colgate-Palmolive from equal weight to underweight as competition in the sector heats up and margins shrink. With the downgrade, Barclays slashed its price target from $80 per share down to $68.
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Source: Forbes